Shares gained as much as 7.6% to $76.74 minutes after the opening bell. The stock is up more than 180% over the past 12 months, making it the top performer in the S&P 500. Shares have more than doubled since Facebook’s initial public offering at $38 a share in May 2012.

“Results surpassed our expectations on almost every metric,” said Arvind Bhatia, an analyst at Sterne Agee. He lifted his price target to $85 from $80 and maintained a buy rating on Facebook.

Facebook reported that profit more than doubled and revenue topped estimates for the ninth straight quarter. The results appeared to put to rest any lingering doubts about its ability to transform its business into a mobile-advertising juggernaut. About 62% of Facebook’s ad revenue now comes from advertising on mobile devices, which this year is expected to eclipse newspapers, magazines and radio in the U.S. for the first time, according to eMarketer.

Facebook also added another 40 million users in the second quarter, with one-fifth of the world’s population now logging into the social network at least once a month.

“This is a good quarter for us,” Facebook CEO Mark Zuckerberg said on a conference call with analysts Wednesday, but “there’s still so much room to grow,” he added.

Analysts agreed, citing potential from some parts of the company that aren’t contributing much to the company’s bottom line.

“It is impressive Facebook is delivering this kind of growth without any meaningful contribution from promising go-forward growth levers like Instagram or video ads,” Jefferies analyst Brian Pitz said. “Given Facebook’s ever-deepening ties to eCommerce we think the company looks well positioned to capitalize on strong holiday shopping trends.”